BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:eab33786b162429c3d41ed28c6462352
CATEGORIES:Seminars
CREATED:20150504T143158
SUMMARY:Marko Terviö - Aalto University School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><span style="font-family: andale mono,times; font-size: 12pt;"><strong>T
 ransaction Taxes in an Assignment Model of Housing</strong></span></p><p><s
 pan style="font-family: andale mono,times; font-size: 12pt;">Abstract:</spa
 n></p><p style="text-align: justify;"><span style="font-family: andale mono
 ,times; font-size: 12pt;">We study the impact of an ad valorem transaction 
 tax on the distribution of house prices and welfare. We present a one-sided
  assignment model with imperfectly transferable utility, where households a
 re heterogeneous by incomes, houses are heterogeneous by quality, and housi
 ng is a normal good. We assume that the supply of housing is fixed and focu
 s on the distortion in matching caused by transaction costs. We calibrate t
 he model with data from the Helsinki metropolitan region to assess the welf
 are impact of a counterfactual tax reform, where the current 2% transaction
  tax is replaced by a revenue equivalent ad valorem property tax. We find t
 hat the aggregate welfare gains from the reform would be modest, and that, 
 depending on risk aversion, many or even most owner households would be mad
 e ex ante worse off by the reform.</span></p>
DTSTAMP:20260421T102138Z
DTSTART:20150309T173000Z
DTEND:20150309T190000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR